China’s Shenzhou-20 astronauts complete first spacewalk

China Securities Regulatory Commission on Friday approved the first batch of 26 floating rate funds, which aim to align fund companies’ income and returns with investors’ interests. 

The approval came 16 days after the Chinese securities regulator issued an action plan to promote high-quality development of public funds, reflecting the regulatory authorities’ emphasis on implementing the public fund reform and building a mechanism to align fund companies’ income and returns with investors’ interests. 

All of the funds track the performance of a large group of stocks picked to represent the broader stock market. Their performance will be mainly compared to that of benchmark broad market indexes. Some of them will invest in Hong Kong stocks and bonds. Industry insiders said the floating rate mechanism will benefit investors.